《大行報告》瑞銀上調香港科技探索(01137.HK)目標價至14.4元 評級「買入」
瑞銀發表報告,指降低了對香港科技探索(01137.HK)利潤率預測,因考慮到今年下半年營銷費用率高於預期。該行指,雖然集團今年為止一直能夠保持兩位數的商品成交金額(GMV)增長,但由於線下和線上競爭加劇,營銷費用可能會增加。
該行將香港科技探索2021年的調整後EBITDA利潤率下調50個基點至8.8%,2021-23年每股盈測亦下調3%至15%。按分類加總估值法計算,目標價則由13.9元上調至14.4元,以反映從2022年起其技術解決方案業務(Shoalter)將首次作出收入貢獻,抵銷盈測及收入預測被下調因素,給予評級「買入」。
對於香港科技探索首個電商平台技術方案「Shoalter」業務,公司早前已公布,Shoalter首名客戶網上商場「EESE」會在年底開業,該行估計2022年有關佣金收入為1,400萬元,隨著EESE平台流量的增加,2023年的佣金收入將上升至約2,000萬元。
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